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ALLIANZ DEFERRED ANNUITY CLASS ACTION LITIGATION
On September 19, 2005, Vida F. Negrete, conservator for Everett E. Ow, filed a class action lawsuit in the United States District Court in Los Angeles, California against Allianz Life Insurance Company of North America (referred to as “Allianz”), on behalf of herself and all other persons age 65 and older who bought an Allianz deferred annuity. On December 22, 2005, Carolyn Healey filed a similar class action lawsuit in the same court. Plaintiffs in these lawsuits assert that Allianz conspired with a network of insurance sales agents to induce persons age 65 and older to purchase deferred annuities by means of allegedly misleading statements contained in uniform sales material. Specifically, Plaintiffs contend that Allianz failed to disclose material facts that would have revealed that its deferred annuities are fundamentally inferior investments for purchasers who are age 65 or older, including excessive commissions to sales agents. Plaintiffs contend that had such disclosure been made, they and Class Members would not have purchased the annuities.
Plaintiffs further allege they have suffered money damages by having their money tied up in illiquid, poorly performing investments and paying surrender charges and other costs. The lawsuits seek to recover monies lost under the deferred annuity contracts including surrender charges, investment losses, forfeited bonuses, treble damages, legal fees and costs, and pre-judgment interest. The lawsuits also seek restitution and a Court order that prohibits Allianz from engaging in these practices in the future. The lawsuits do not seek to recover damages for emotional distress or pain and suffering.
On November 21, 2006, the Judge Christina A. Snyder of the United States District Court for the Central District of California certified claims in these lawsuits for class action treatment to be prosecuted by the plaintiffs Vida Negrete and Carolyn Healey on behalf of all individuals who were age 65 or older when they bought an Allianz deferred annuity, provided that they made their purchase between September 19, 2001 and November 21, 2006. Bonnett, Fairbourn, Friedman & Balint, P.C. and the law firm of Lerach Coughlin Stoia Geller Rudman & Robbins LLP have been appointed Co-Lead counsel in both of these related lawsuits.
THIS LAWSUIT, INCLUDING ANY ADVERSE RULING AGAINST PLAINTIFFS, WILL NOT AFFECT YOUR ANNUITY, ITS TERMS OR PAYMENT PROVISIONS. AT THIS TIME YOU ONLY NEED TO DECIDE WHETHER YOU WISH TO STAY IN THE CLASS OR WHETHER YOU WISH TO BE EXCLUDED. IF YOU WISH TO STAY IN THE LAWSUIT YOU NEED TO DO NOTHING. IF YOU WISH TO BE EXCLUDED, YOU MUST DO SO BY MAY 15, 2007. PLEASE REFER TO THE CLASS NOTICE BELOW FOR INSTRUCTIONS ON HOW TO EXCLUDE YOURSELF.
The Court's order certifying the Class does not guarantee that Class Members will receive money or benefits; that will be decided later in the lawsuit. In certifying this case as a class action, the Court made no decision as to the merits of plaintiffs' legal claims or Allianz’s defenses and has reached no conclusion as to the value of Allianz deferred annuities or the propriety of related sales efforts.
If you would like to receive additional information concerning the Allianz Deferred Annuity Litigation, or if you wish to contact one of our attorneys about the case, kindly fill out the form below and check the appropriate box.If you would like to view the Negrete Complaint, please click here.
If you would like to view the Healey Complaint, please click here.
If you would like to view the Class Notice, please click here.
If you would like to view the November 21, 2006 class certification order, please click here.
If you would like to contact us in connection with this case, please send an e-mail addressed to Allianzlawsuit@bffb.com.
